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Research

KH Group: We still believe in the long term

By Olli VilppoAnalyst
KH Group
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KH Group's H1 report turned to disappointment as the previously strong-performing crown jewel, KH-Koneet Group, started to suffer more than expected from the weak construction cycle. As a result, we adjusted our sum-of-the-parts calculation downwards. We still see clear value in the parts relative to the low current price, but it is realistic to expect value unwinding to occur only when the target markets for Indoor and KH-Koneet Group start to recover from their downturn.

KH Group Plc is a Nordic corporation supporting sustainable construction and society’s critical functions with two business areas: KH-Koneet, supplier of construction and earthmoving machinery, and Nordic Rescue Group, rescue vehicle manufacturer. KH Group’s share is listed on Nasdaq Helsinki.

Read more on company page

Key Estimate Figures17.08.2023

202223e24e
Revenue2.02.03.0
growth-%-82.6 %50.0 %
EBIT (adj.)-10.17.712.0
EBIT-% (adj.)-505.0 %382.5 %400.0 %
EPS (adj.)-0.140.100.15
Dividend0.000.000.00
Dividend %
P/E (adj.)neg.5.33.6
EV/EBITDAneg.6.34.1

Forum discussions

Saurus has signed a significant framework agreement with the Pirkanmaa Welfare Area. The contract period is March 1, 2026 – February 28, 2027...
3/10/2026, 6:33 AM
by Raha-aasi
24
The CEO has conducted a site inspection in Säynätsalo. Firefighting equipment for the defense forces is currently being produced on Saurus’s...
3/5/2026, 6:26 AM
by Raha-aasi
6
Asko and Sotka in Helsingin Sanomat (edit: moved behind a paywall) Helsingin Sanomat – 4 Mar 26 HS tutki | Asko ja Sotka johtivat asiakkaita...
3/4/2026, 9:47 AM
by JuhaR
7
Konepörssi magazine features a story about the long-term cooperation between HRK-Konevuokraamo and KH-Koneet. For those interested in reading...
2/27/2026, 8:14 AM
by Raha-aasi
7
Here are Thomas’s comments on the management change at KH-Koneet. On Friday, KH Group announced the appointment of Tuomas Myllynen as the CEO...
2/23/2026, 6:18 AM
by Sijoittaja-alokas
6
Based on the CV, it seems like a really good choice, but it’s naturally impossible to say how the chemistry works with the KH Koneet team and...
2/20/2026, 3:36 PM
by Lohis
17
I think it’s a good and appropriate choice. I’m satisfied and even somewhat relieved!
2/20/2026, 8:12 AM
by An Architect
8
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